[gary]

Originally Posted by Allan_L

Not only did we not get any subsidies or handouts from the government, we annually paid hundreds of millions of dollars to that government in taxes and dividends ...

Hi Allan,

Thanks for the post.

Unlike Swiss-based Glencore it seems, Australia's biggest coal miner,
who is caught up today in the Paradise Papers leak.

ABC's 4-Corners tonight is apparently running an exposé on global tax havens.

Originally Posted by 4-Corners

In 2014, Glencore made $23.7 billion in revenue (more than Australia’s second largest listed company, Westpac) and made $296 million in profit.

This figure represents about $1.30 in profit for every $100 in revenue. It paid tax of $55 million on its profit.

The leaked documents reveal Glencore used the swaps in a $3.7 billion refinancing of its Australian operations in 2013, and in a major Australian restructure in 2014 that left it with debts of $US11.6 billion.

The complicated swap financing structures used by Glencore were routed through Glencore companies in Bermuda.

Story here :-
http://www.abc.net.au/news/2017-11-0...s-leak/9075642

and here :-

Originally Posted by The Guardian

The Australian arm of the global mining giant Glencore has been involved in cross-currency swaps of up to $25bn of a type under specific investigation by the Australian tax office, the Paradise Papers reveal.

...
The Paradise Papers show that on 12 April 2013 two Bermuda-based arms of Glencore – Glencore Capital and Glencore Finance (Bermuda) – changed $25bn in Australian dollars to US dollars through Glencore Australia Investment Holdings.

Another Australian entity, Glencore Australia Finance, engaged in currency swaps with Bermuda-based Glencore Capital: for A$25m on 15 April 2013; and A$10m on 24 June.

https://www.theguardian.com/news/201...hrough-bermuda